Financial Crime

Supervision & Enforcement

ASIC Gets A$70mn, New Powers to Boost Enforcement Capabilities

By Garima Chitkara | 13/08/2018

Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.

Anti-Money Laundering

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Market Abuse

Shanghai Bourse to Move to Closing Auction Mechanism

By Garima Chitkara | 09/08/2018

New call auction mechanism expected to reduce equity market price manipulation will go into effect on 20 August and also apply to transactions on the Hong Kong-Shanghai Stock Connect.

Conduct, Culture & Accountability

Fees-for-no-service Remediation to Top A$850mn – ASIC

By Manesh Samtani | 09/08/2018

CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.

Fraud, Scams & Cybercrime

Chinese Alternative Asset Managers Dissolve in Record Number

By Manesh Samtani | 09/08/2018

The Asset Management Association of China says in the first half of 2018, 163 private fund institutions have failed to renew their registration status with the association every three months as required.

KYC & CDD

PBOC Imposes More Fines on Payments Firms

By Editors | 09/08/2018

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.

Trading & Investment

S. Korea Brokerages Lack Internal Warning Systems – FSS

By Garima Chitkara | 09/08/2018

Korean brokerages don’t have adequate internal systems that could prevent fat-finger errors like those that affected Samsung Securities in April.

Tokenisation

Philippines Proposes Regulatory Framework for ICOs

By Editors | 09/08/2018

Draft rules propose issuers undergo initial assessment to determine if ICO tokens are securities; security tokens must be registered with the SEC and proceeds must be maintained in escrow.

KYC & CDD

Account Opening Woes Causing Loss of Business in Hong Kong – HKICS

By Garima Chitkara | 07/08/2018

HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.